Asian equity markets closed mixed on Friday in a subdued trading session, with investors weighing the latest developments in US-China relations and bracing for key economic data from the US later in the day.
A phone call between US President Donald Trump and Chinese President Xi Jinping helped ease some concerns around deteriorating trade ties.
Trump described the conversation as “very good” and said it “resulted in a very positive conclusion for both Countries.”
However, the lack of concrete progress or a clear timeline for renewed trade talks kept sentiment in check.
Hong Kong stocks end winning streak
Hong Kong’s Hang Seng Index fell 0.5% to 23,792.54, ending a three-day winning streak that had lifted the benchmark by 3.2%.
For the week, the index still posted a gain of 2.2%. The Hang Seng Tech Index declined 0.6%.
Losses in heavyweight names dragged the market lower. Semiconductor Manufacturing International Corp dropped 4.9% to HK$40.20, Trip.com fell 3.3% to HK$466.80, and Alibaba slipped 1.4% to HK$116.60.
Meituan shed 1.9% while Hong Kong and China Gas declined 3.1% after trading ex-dividend.
China’s Shanghai Composite and the CSI 300 Index each eased 0.1%.
Market participants remained cautious, seeking stronger signs of a thaw in China-US relations before making fresh bets.
Japan’s Nikkei ends in the green
Japanese equities outperformed in the region. The Nikkei 225 rose 0.5% to 37,741.61, while the broader Topix advanced 0.47% to 2,769.33.
Technology stocks led the charge, with Advantest and Tokyo Electron gaining 2.2% and 1.3%, respectively.
Automakers Honda and Nissan also rose about 1.3% each. Investors shrugged off weaker trade data showing a decline in exports during the first 20 days of May.
Other regional markets
Australian markets edged lower amid weakness in technology, mining, and financial sectors.
The S&P/ASX 200 fell 0.27% to 8,515.70 and the All Ordinaries slipped 0.30% to 8,741.90.
South Korean markets were closed for a public holiday.
Indian equity benchmarks closed sharply higher on June 6, with the Nifty reclaiming the 25,000 mark after the Reserve Bank of India delivered a larger-than-expected 50 basis point repo rate cut and reduced the cash reserve ratio (CRR) by 100 basis points.
At close, the Sensex jumped 746.95 points, or 0.92%, to end at 82,188.99, while the Nifty advanced 252.15 points, or 1.02%, to finish at 25,003.05.
Top Nifty gainers included Shriram Finance, Bajaj Finance, JSW Steel, and Axis Bank.
Wall Street cautious ahead of jobs report
US markets ended Thursday lower after a volatile session.
The Nasdaq dropped 0.8% to 19,298.45, the S&P 500 declined 0.5% to 5,939.30, and the Dow slipped 0.3% to 42,319.72.
While early optimism followed Trump’s comments on the phone call with Xi, gains were reversed as traders turned cautious ahead of the US jobs report.
Economists expect nonfarm payrolls to rise by 130,000 in May, down from 177,000 in April, with the unemployment rate expected to remain steady at 4.2%.
The report is likely to offer further clarity on the Federal Reserve’s policy outlook.
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